ECONOMICS

Detailed explanation-1: -Problem recognition is the point at which a potential customer realises they need or want a product or service. It’s the first step in the buying process and one of the most important. If your customer doesn’t need or want a product or service, you’ll have a hard time making a sale.

Detailed explanation-2: -There are three kinds of consumer problem solving: routinized response behavior, limited problem solving, and extended problem solving. Consumers rely on routinized response behavior when buying frequently purchased, low-cost items requiring little search-and-decision effort.

Detailed explanation-3: -Need recognition refers to the phenomenon that occurs when a person becomes aware of a disparity between their actual circumstances and those they consider ideal or desirable. Before people can begin looking for a solution, they must first acknowledge that they have a problem, to begin with.

Detailed explanation-4: -In problem recognition, the consumer recognizes a problem or need or want. The buyer recognizes a difference between his or her actual state and some desired state. The need can be generated by internal stimuli when one of the person’s normal needs − hunger, thirst, sex, etc.